bancassurance by roar group
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Bancassurance
RAKESH S . AMIN
OMKAR A . SHINDE
AZHAR N . SHAIKH
ROGER Y . PETER
RAHUL N . TAKALE
UMESH S . DASONI
Bancassurance – History
Bancassurance – Evolution
Bancassurance – A Win Win Situation
Bancassurance – Distribution Channel
AGENDA
• Bancassurance – S.W.O.T analysis
Originated in France in 1980s
Spread rapidly across Europe
Introduced in India in 1999Opening up of insurance industry20 new companies
Bancassurance - History
Pressures on Banking Sector:
Customer retention in the face of competition
Staff retention and motivation
Universal Banking- approach to provide all financial product under one roof ; a broader relationship approach
Optimum utilisation of infrastructure and resources- maximise revenue
Bancassurance - Evolution
Pressures on Insurance Sector:
Channel diversification from traditional direct sale
Access to a high quality customer base
Achieve the geographical reach within minimum time and cost
Ensure higher probability of success in the sales process
.
• French Term
• Standardized Mass Product
• Easy to understand / easy to sell
• Sold though a bank distribution channel
But what is Bancassurance ?
Insurance + Banking= Bancassurance
A Win Win Situation
The provision of insurance and banking products and services through a common distribution channel or to a common client base.
Bank Insurance Company
Customer retention Revenue and channel diversification
Satisfaction of more financial needs under the same roof
Quality customer access
Revenue diversification Quicker geographical reach
More profitable resource utilisation
Creation of brand equity
Enriched work environment Leverage service synergies with Bank
Establish sales orientated culture
Establish a low cost acquisition channel
The Bancassurance OpportunityHouse hold Savings…
Insurance14%
Government bonds5% Bank deposits
38%
Mutual Funds1%
PF/Retirement funds14%
Shares & Debentures1%
Bajaj Allianz General Insurance Co Ltd. has tie-up with Karur Vysya Bank
The Birla Sun life Insurance Company has a tie-up with the following banks :Bank of RajasthanBank of MuscatDutch Bank Catholic Syrian Bank
ING Life Insurance ties up with Vizag co-op bank
Max New York Life Insurance has it’s Tie-up with Axis Bank
Bancassurance tie-up in India
Max New York Life Insurance and Axis Bank have signed a 10-year bancassurance relationship• Max New York Life Insurance (MNYL), the seventh- largest life insurance company in India.
• Axis Bank is the third-largest private bank in India
• To provide customized life insurance solutions to customers via the bank’s network.
LIC: The insurance company LIC of India have tie up with the following bank for Bancassurance. They are: -
Corporation Bank Indian Overseas Bank Centurion Bank Sahara District Central Co-operative bank Janta Urban Co-operative bankOriental Bank of Commerce
Some Other Tie-up's in India
Career Agents Special Advisers Salaried Agents Bank Employees / Platform BankingCorporate Agencies and Brokerage Firms Direct ResponseInternete-BrokerageOutside Lead Generating Techniques
Distribution channels
Strengths
• Vast untapped market
• Huge pool of skilled professionals
SWOT Analysis
Weakness
Lack of networking among bank branches
Saving Ability of Middle Class
.
Opportunities
Data mining Banks have a huge customer database which has to be properly leveraged. Target segments should be identified and tapped.
Wide distribution networks of banks
.
Threats
Human Resource Challenges
Non-response from the target groups can
also pose a challenge
.
THANK YOU